News

* Hang Seng index climbs 0.25%

* China Enterprises index HSCE gains 0.1%

* HSI financial sub-index rises 0.3%; tech index up 0.4%

HONG KONG, May 4 (Reuters) – Hong Kong stocks rose on Tuesday, with energy shares leading gains, buoyed by rising oil prices as easing coronavirus curbs in the U.S and Europe raised demand growth hopes.

** By the midday break, the Hang Seng index was up 71.09 points or 0.25% at 28,428.63, and was set to snap two straight sessions of decline. The Hang Seng China Enterprises index gained 0.1% to 10,723.4.

** The sub-index tracking energy shares rose 2.1%, while IT stocks slid 0.15%, financials climbed 0.3% and the property sector edged up 0.02%. Tech index was up 0.4%.

** Oil prices extended gains as more U.S. states eased lockdowns and the European Union sought to attract travellers, offsetting concerns over fuel demand in India as COVID-19 cases soar.

** “After more than a 1,000 point drop (in the last two trading sessions), Hang Seng may rebound when the Chinese national holiday is over and the market may continue to rebound but sell in ‘May and go away’ is always the Chinese belief,” Kingston Securities executive director Dickie Wong said.

** “I think people are not panicking but they also are not too optimistic in May as well.”

** Chinese financial and futures markets are closed from May 1-5 for the Labour Day holiday.

** The top gainer on the Hang Seng was PetroChina Co Ltd , rising 3.55%, while the biggest loser was WuXi Biologics (Cayman) Inc, falling 2.4%.

** Around the region, MSCI’s Asia ex-Japan stock index edged up 0.03%.

** The top gainers among H-shares were China Petroleum & Chemical Corp up 3.06%, followed by ANTA Sports Products Ltd and Semiconductor Manufacturing International Corp, rising 2.75% and 2.63%, respectively.

** The three biggest H-shares percentage decliners were Ping An Insurance Group Co of China Ltd, down 1.87%, followed by Baidu Inc and Postal Savings Bank of China Co Ltd, falling 1.66% and 1.17%, respectively. (Reporting by Donny Kwok and Scott Murdoch; Editing by Rashmi Aich)